Question

13. Find the total
amount in an account
to the nearest cent after
2 years if the interest is
compounded annually
on an investment of
$4200 at 7.75% interest.

Answer 1

Answer:

Time=2 years

Intrest=$4200

Rate=7.75%

Total amount(principle)=?

Now,

Total amount= Intrest×100/Time ×Rate

$4200×100/2×7.75

$420000/15.5

Therefore total amount=$27096.77